The Bitcoin-focused development and infrastructure firm Blockstream is seeking fresh funds at a valuation that “may be below $1 billion,” or about 70% lower than its most recent funding round in 2021, according to a Bloomberg report.
The firm, which is led by the Bitcoin pioneer and cryptographer Adam Back, was valued at $3.2bn during its latest funding round last year, when it raised $210m from a number of prominent companies. Among them was the major asset manager Baillie Gifford, and iFinex, the company behind crypto exchange Bitfinex and stablecoin issuer Tether.
Asked by Bloomberg about the size of the funding round, Back reportedly declined to answer, but instead said the company plans to use the funds to expand its hosting capacity for Bitcoin mining machines.
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